Frequently Asked Questions
Welcome to this website's board of frequently asked questions.
Please, go through the main issues about short-term loans
and the peculiarities of our service. If you will not find the
answers to your questions regarding the use of the service or short-term loan
industry in general, please, contact us to ask directly. Our expert team is
happy to help you get along with short-term loans and understand how to make
the best of this credit option and use it safely.
What is a personal loan?
A personal loan is a medium term loan with a fixed interest rate that is
repaid in equal monthly payments and it's usually limited to 24 months. Loan
offers and eligibility depend on your individual credit profile. Our lenders
can help you obtain as much as $5,000 depending on the lender, your state and
your financial situation.
What does one need to be approved?
Qualification for personal loans is simple.
Lenders need only basic information about applicants to decide
if it is secure to provide credit or not.
1. One needs to be a legal USA resident of 18 years old or more;
2. One needs to provide valid contact details;
3. One needs to be legally employed and have steady income;
4. One needs to have an active bank account for direct deposit.
It is possible that lenders will enquire
more information about applicants (for example, to send
pay stubs to prove income) individually. In this case, the procedures can take
more time and involve additional procedures and paperwork (faxing or scanning).
Are the procedures safe?
When you make your request on this site,
we collect your information to process it and find the
right loan provider for you. We encrypt your data and use industry-leading
technologies to make all the procedures secure and protect your privacy at high
level. Please, find out more about the way we use your information on the [Privacy
Policy] page.
How much time does it take?
This financial product is considered relatively fast,
because most processing can be performed
completely online, and this online search and match service works 24/7. It
takes just minutes to fill out the form and request a loan, less than an hour
to process request and connect a customer with a lender. As soon as the lender
is able to make final decision to approve the borrower's application, the
lender provides loan agreement. All one needs to do is to familiarize with the
offer and make credit decision. If one opts for rejecting the loan offer, one
can simply ignore further procedures and repeat loan request if necessary. If
accepted, the loan agreement should be e-signed. Usually, it takes just one
business day to have money sent to the borrower's account (in case direct
deposit option is available). In most cases, borrowers can get their money in
as soon as one business day.
Can a bad credit applicant be approved?
Some lenders in our network need to perform
credit verifications with traditional credit bureaus,
the others may just check if an applicant is not a bankrupt or has no outstanding
debts with other lenders. In many cases bad credit or lack of credit will not
impede applicants from being approved. Nevertheless, low credit score and
insufficient credit information may influence the amount and terms of loan
offers, provided by lenders.
Why does one need to contact lender directly?
This website works as a matching service,
which enables users to access reputable lenders and get
better loan options. We don't have information regarding particular loan products
or their terms. Nor do we make any credit decision. If the borrowers who used
our service have issues regarding their loan contracts, they should contact
their lenders directly.
Why does one need to renew a loan?
Sometimes borrowers find it hard to repay their loans
on-time due to unforeseeable circumstances.
In these cases, most lenders allow borrowers to renew their loans for
additional interest added to the total. This option can be expensive, so we
recommend contacting lenders before these circumstances take place to avoid
additional payments and penalties. In addition, not all the states allow
renewals. One should first check the status of online personal loans and
applicable laws, which regulate personal loan lending in one's state. Use the
information on [Rates and Fees] page to find out more.
What happens when one can't pay off on time or at all?
The cases of defaulted payment terms are explained
in every loan agreement together with applicable
penalties, additional fees, collection practices and other actions associated
with delinquency. One should check these terms before signing agreement in the
first place. All the lenders in our network adhere to the best practices in the
industry, follow federal and state laws and promote responsible lending
practices. All the lenders in our network operate within the stated limits. We
encourage borrowers who anticipate delinquency or default payments contact
corresponding lender as soon as possible.
How many loans can one take at a time?
The number of credit products taken simultaneously
as well as the “cooling time” terms are
determined by the laws of each state (if applicable). Additionally, every
lender reserves the right to determine the maximum of simultaneous and/or
consequent credit agreements within the limits of applicable laws. It's
recommended to inform a lender about current credit standing and the facts of
defaulted loans before any agreement is signed.
Personal Loan Disclaimer
A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $5,000 depending on the lender, your state and your financial situation.
The owner and operator of this website is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders.
All the data concerning personal loan products and the industry is presented on the website for information purposes only. This website does not endorse any particular lender, nor does it represent or is responsible for the actions or in actions of the lenders. This website does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $5,000.
This website cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verification's, including but not limited to social security number, driver license number, national ID or other identification documents.
The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since this website is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, this website cannot provide the exact APR charged for any loan product offered by the lenders.
The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders.
These financial and non-financial actions have nothing to do with this website, and this website has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers' credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.